Disclosures in financial reports should be relevant, organized for ease of use by investors and avoid boilerplate language, according to a series of calls to action from the UK Financial Reporting Council.
An American Institute of CPAs committee has suggested that the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) create a dividing line between Type A and Type B leases that is different from the line the boards proposed.
Investment professionals are hungry for international convergence of financial reporting standards for estimating credit losses, but they are divided on the best method for reporting, according to a new global survey.
The economics of cellphone towers was cited as one of the many challenges the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board are encountering as they attempt to build one, converged, principles-based financial reporting model for leases.
A rule proposed by the US Securities and Exchange Commission (SEC) would require US public companies to disclose the ratio between what companies pay their chief executives and their median employee.
A converged proposal on financial reporting for leases by the IASB and FASB that calls for such a change has encountered resistance from some businesses in the United States.
The converged proposal on financial reporting for leases continues to face resistance with the deadline for comment letters little more than one week away.
The US Public Company Accounting Oversight Board (PCAOB) on Tuesday proposed sweeping changes to the auditor’s reporting model for US public companies that would include a requirement for auditors to identify and describe “critical audit matters”.
The new, converged revenue recognition standard will include substantially less industry-specific, “bright-line” guidance than many US companies are accustomed to.
The US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) plan to create a joint transition resource group to aid in implementation of the upcoming, converged standard on revenue recognition.
Forward-thinking companies often look ahead to anticipate possible changes and work ahead so they don’t have to scramble when the standard takes effect. Some companies already are doing some of that work with leases, experts say.
The International Accounting Standards Board (IASB) plans to revise the concepts that govern the preparation and presentation of financial statements, and the principles the board uses to develop and revise IFRS.
Organisations need to think deeper about what measures drive value and reflect achieving the direction-setting strategic objectives of their executive team.
The UK Competition Commission decided against including mandatory audit firm rotation among the measures it proposed to promote competition in the statutory audit services market.
An alliance between the International Integrated Reporting Council (IIRC) and two organizations devoted to corporate environmental impact disclosures is the latest indication of growing momentum for integrated reporting.
Transitioning to IFRS was costly for Canadian businesses, but about half of them reported spending as much on preparing and auditing financial statements under IFRS as they did under Canadian GAAP.
A recent credit risk survey shows that overdue payments among Asian companies increased in 2012. Two finance directors discuss their credit management strategies in dealing with the challenge.
